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Questions? Go to Fidelity.com/options.

Options Application
Our paper application is only for use with specific account types. Please visit Fidelity.com/applyforoptions to review eligibility, and to
complete the online application. If your account is eligible to apply online and you submit a paper application, it will be rejected, and
you will be required to reapply online.

Complete the application with CAPITAL letters in black ink. If you think you will need additional space, please use a blank copy of the page.

Helpful to Know
Requirements –M  argin can involve significant cost and risk and is
• Entire form must be completed in order to be not appropriate for all investors. Account owners
considered for Options. must determine whether margin is consistent with their
• All account owners must complete the account owner investment objectives, income, assets, experience, and risk
sections and sign Section 5. tolerance. No investment or use of margin is guaranteed to
achieve any particular objective.
• Any authorized agent must complete Section 6 and sign
Section 7. –M  argin will not be granted if we determine that you reside
outside of the United States.
• Trust accounts must provide trustee information where
information on account owners is required. – Important documents related to your margin account
include the “Margin Agreement” found in the Important
Eligibility of Trading Strategies Information about Margins Trading and Its Risks section of
Nonretirement accounts: the Fidelity Options Agreement.
• Business accounts: Eligible for any Option Tier. Instructions for Corporations and Entities
•C  ustodial (UGMA/UTMA) accounts: Eligible for Tier 1. This •U  nless options trading is specifically permitted in the
includes covered call writing and purchase of calls and puts. corporate resolution you provided when you opened your
• Individual and joint accounts: Eligible for any Option Tier. account, you need to provide a new resolution containing
•H  ealth Savings Account (HSA): Option Tier 1. This includes options trading authorization.
covered call writing and purchase of calls and puts. • In Section 2, you need to provide information about entity
• Partnerships: Eligible for any Option Tier. and authorized individual or trustee, as follows:
• Trust accounts: Eligible for any Option Tier. – Name: authorized individual or trustee and entity
Retirement accounts: – Last Four Digits of SSN or Tax ID Number: entity
• Fidelity IRAs: Option Tier 1. This includes covered call writing, –E  mployment information for any authorized individuals
purchase of calls and puts, and equity/index spreads trading. or trustees
Approval of spreads trading in Fidelity IRAs is conditioned – Marital Status: no answers needed
upon the approval of your account to trade Tier 1 options. –A  ssociations and Corporate Control Status: authorized
• Inherited IRA (BDA): Option Tier 1. This includes covered call individual or trustee
writing and purchase of calls and puts. – Investment Experience: authorized individual or trustee
• Investment-Only Retirement (formerly Nonprototype) Accounts: • If there is a second authorized individual or trustee on the
Eligible for any Option Tier. account, please complete and submit additional copies
• Keogh: Option Tier 1. This includes covered call writing and of Sections 3 and 5. All authorized individuals and trustees
purchase of calls and puts. must sign.
•R  oth IRA for Kids accounts: Eligible for Tier 1. This includes Important to Understand
covered call writing and purchase of calls and puts. Roth IRA
for Kids is not eligible for spread trading. •E xcept in Sections 6 and 7 of this application, “You,” “you,”
Applying for Margin and “your” refer to all account holders. Each of the account
holders agrees that any account holder has authority to act
• Option Tiers 2 and 3 require margin to be set up on your on behalf of this account.
account. If you apply for Option Tiers 2 or 3 you are also
applying for margin to be added to your account. • In this application, “Fidelity IRA” refers to a Fidelity IRA, a
Fidelity IRA Rollover, a Fidelity SEP-IRA, a Fidelity Roth IRA,
• If applying for margin, by signing this application, you or a SIMPLE IRA.
acknowledge that:
• In this application, “Fidelity,” “us,” and “we” includes
– Trading on margin lets you borrow money using securities Fidelity Brokerage Services LLC (FBS), and National
you already own as collateral to purchase additional Financial Services LLC (NFS), as well as their employees,
securities, sell securities short, protect your account from agents, and representatives, as the context may require.
overdraft, or access a convenient line of credit.
• In this application, the “Agreement” refers to the Fidelity
Options Agreement.

Form continues on next page.

1.9898248.104 Page 1 of 7 004011401

Options Application, continued

1. Current Fidelity Account

Please note: A separate options application is required for each account you wish to have options trading
available.
If you do not already Account Number
have an account at New Account Number not yet assigned
Fidelity, this form must be
accompanied by a new
account application.

2. Account Owner/Trustee/Authorized Individual All information in Section 2 is required.

First Name Middle Name Last Name
Includes trustees for
trust registrations and
authorized individuals for
Date of Birth MM DD YYYY Trust or Entity Name If applicable
business registrations.

Marital Status

Single/Divorced/Widowed
Married
Number of Dependents

Income Source

Check one and Employed: Self-employed:

provide all information.
Occupation Employer Leave blank if self-employed.
Industry regulations
require us to ask for
this information. Note Employer Address
that if you are self-
employed, occupation
is still required. City State/Province ZIP/Postal Code Country

Retired Not employed

Investment Experience

Check one in each column. Stocks Equity Options Index Options

Less than 1 year Less than 1 year Less than 1 year
1–2 years 1–2 years 1–2 years
3–5 years 3–5 years 3–5 years
More than 5 years More than 5 years More than 5 years

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1.9898248.104 Page 2 of 7 004011402

3. Additional Account Owner/Trustee/Authorized Individual All information
in Section 3 is required. If there are additional account owners/trustees/authorized individuals, make a copy
of this section.
Note: Not for use by First Name Middle Name Last Name
anyone with 3rd Party
authorization (use
Section 6). Date of Birth MM DD YYYY Trust or Entity Name If applicable

Marital Status

Single/Divorced/Widowed Married
Number of Dependents

Income Source

Check one and Employed: Self-employed:

provide all information.
Occupation Employer Leave blank if self-employed.
Industry regulations
require us to ask for
this information. Note Employer Address
that if you are self-
employed, occupation
is still required. City State/Province ZIP/Postal Code Country

Retired Not employed

Investment Experience

Check one in each column. Stocks Equity Options Index Options

Less than 1 year Less than 1 year Less than 1 year
1–2 years 1–2 years 1–2 years
3–5 years 3–5 years 3–5 years
More than 5 years More than 5 years More than 5 years

4. Objective and Trading Plans

Investment Objective

Check the objective that Lower Risk / Shorter Time Frame Higher Risk / Longer Time Frame
most closely reflects your
approach for this account.
Industry regulations Balanced Growth Aggressive
 Growth Most
 Aggressive
require us to ask for this Seek the potential for Seek growth and can Seek aggressive growth Seek very aggressive
information. capital appreciation withstand significant and can tolerate wide growth and can tolerate
and some income fluctuations in fluctuations in market very wide fluctuations in
and can withstand market values. values, especially over market values, especially
moderate fluctuations the short term. over the short term.
in market values.

Objective and Trading Plans continues on next page.

1.9898248.104 Page 3 of 7 004011403

4. Objective and Trading Plans, continued

Trading Strategy Select the options trading strategy that best fits your investment strategy. To apply for Tier 1, your Investment
Objective must be Balanced or above. To apply for Option Tier 2 your Investment Objective must be Growth or
higher. To apply for Tier 3 your Investment Objective must be Most Aggressive.

Option Tiers 2 and 3 Non-Retirement Accounts and Investment-Only Retirement Accounts

require you to also apply
for margin. If you select
Tiers 2 or 3 you will be T
 ier 1: Covered call writing on Tier2: Equity and Index Spreads, T
 ier 3: Uncovered writing of
applying for both margin equity options, purchase of calls covered put writing (selling puts equity options, uncovered
and option trading. and puts (equity and Index) and against stock that is held short); writing of Index options,
writing of cash covered puts. includes all trading capabilities includes all trading capabilities
If you select Tier 1 and under Tier 1. under Tier 1 and Tier 2.
would also like to apply
for margin, check the
“add margin” box. If you A
 dd Margin
Option Tiers 2 and 3 require you to also apply for margin. If you select Option
select Tier 1 and do not Tiers 2 or 3 you will be applying for both margin and option trading.
check the “add margin”
box, you will not apply
IRAs or HSAs
for margin.
If you are selecting Tier Roth IRA for Kids is not eligible for Spread Trading.
3 for an Investment Only
Retirement Account, see T
 ier 1: Covered call writing on equity options, purchase of calls and puts (equity and Index) and writing of
the important information cash covered puts.
in Section 5, Account
Owner Signatures S
 pread Trading (available for IRAs only): Equity and index spreads as well as all trading capabilities under
and Dates. Tier 1 listed above.

Spread Trading is not available to IRAs utilizing the FDIC-Insured Deposit Sweep as the core position. Accounts with
FDIC-Insured Deposit Sweep as their current core position will only be eligible for approval up to Tier 1; you must
change your core position to be considered for Spread Trading.

Financial Profile

Answer for ALL owners combined. Trusts/entities: Answer based on trust/entity assets.
Check one in Annual Income Estimated Net Worth Estimated Liquid Net Worth
each column. The estimated amount of The amount of assets (excluding The amount of your cash and other assets
Industry regulations money received during a the value of your home) minus that could be sold and easily converted to
require us to ask for year. Consider all sources any outstanding debt. cash. Liquid net worth may include assets
this information. of income such as wages like stocks and mutual funds.
or financial support, $0–$30,000
withdrawals from investment $0–$15,000
$30,001–$50,000
accounts, dividends, and $15,001–$30,000
social security. $50,001–$100,000
$30,001–$50,000
$0–$20,000 $100,001–$500,000
$50,001–$100,000
$20,001–$50,000 $500,001 or more
$100,001–$500,000
$50,001–$100,000
$500,001 or more
$100,001 or more

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1.9898248.104 Page 4 of 7 004011404

5. Account Owner/Trustee/Authorized Individual Signatures and Dates
ALL account owners must sign and date. For additional owners, make a copy of this page.
By signing below, you:
• Affirm that you have received, read, • Agree to forward copies of the Agreement – In addition to risks generally applicable
understand, and agree to be bound by and the Options Disclosure Document to to margin borrowing, a tax-advantaged
the Agreement as currently in effect and any authorized agents. retirement account poses additional risks,
as may be amended in the future. The • Acknowledge that Fidelity will not be including the following: 1) using account
Agreement shall inure to the benefit of liable for any loss, expenses, or cost arising assets to satisfy margin calls reduces
Fidelity’s successors and assigns, whether out of your instructions, provided that it tax-advantaged savings, 2) annual
by merger, consolidation, or otherwise. institutes reasonable procedures to prevent contribution limits might restrict a plan
Fidelity may transfer your account to its unauthorized transactions. trustee’s ability to satisfy margin calls, and
successors and assigns, and this Agreement 3) debt-financed investment income within
• Certify that all information you provided
shall be binding upon your heirs, executors, a tax-advantaged account can generate
is true, accurate, and complete.
administrators, successors, and assigns. unrelated business taxable income (UBTI).
• Acknowledge that you have been advised You are strongly encouraged to consult
• Acknowledge that you will not enter any
by Fidelity to consult a tax advisor before your tax or benefits advisor prior to using
order for options until you have read and
understood the Characteristics and Risks completing any transaction involving margin borrowing on this account.
of Standardized Options, and supplements options. You have not received any tax If applying for margin, you:
thereto, by The Options Clearing advice from Fidelity and understand that
the transaction is neither allowed nor • Authorize Fidelity to extend margin credit
Corporation (the “Options Disclosure on the account identified in Section 1.
Document”). disallowed by the Internal Revenue Code.
• Acknowledge that if you are adding margin • Affirm that you have received, read,
• Specifically affirm that you understand understood, and agree to be bound by
the risks of options as described in the to an Investment-Only Retirement Account,
you, as trustee, have read and understand the terms and conditions of the Margin
Agreement and the Options Disclosure Agreement as is currently in effect and as
Document, and that in full knowledge the following points:
may be amended in the future. It shall inure
of these risks, you have determined that – It is your responsibility to ensure that to the benefit of Fidelity’s successors and
options trading is appropriate for you, based all account transaction and investment assigns, whether by merger, consolidation, or
on your own careful examination of your instructions provided are in accordance otherwise. Fidelity may transfer your account
financial resources, investment objectives, with the underlying plan and trust. to its successors and assigns, and this Margin
and risk tolerance. – As Fidelity is not the sponsor or trustee Agreement shall be binding upon your heirs,
• Certify that you have provided Fidelity of your plan, we do not provide any tax executors, administrators, successors, and
with the required personal, financial, and reporting or recordkeeping services for assigns.
investment information for all parties the plan. As such, you will be responsible • Hereby authorize Fidelity to hypothecate
authorized to place trades on this account, for the IRS Form 990-T filing related to the (lend) or rehypothecate, either separately
including any authorized agents, and purchase of securities on margin within or with the property of others, either to
that you will ensure that any parties who the account. Fidelity or to others, any property in your
subsequently gain this authority will provide account. This authorization shall remain in
required information about themselves to force until Fidelity receives written notice of
Fidelity. revocation.

You attest to the accuracy of the information provided and acknowledge that multiple changes to your customer information from any
prior application may adversely impact your application’s consideration.

You acknowledge that this account is governed by a predispute arbitration clause, which appears on the last page of the
Agreement, and that you have read the predispute arbitration clause.

PRINT OWNER NAME

OWNER SIGNATURE DATE MM DD YYYY

X X
SIGN

PRINT OWNER NAME

OWNER SIGNATURE DATE MM DD YYYY

X X
S IG N

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1.9898248.104 Page 5 of 7 004011405

6. Authorized Agent If there is an authorized agent on this account, the agent must complete and
sign this section. Attach an Authorized Access form (available at Fidelity.com) unless one is already on file for
this authorized agent.

In this section, “you” and “your” refer to the Authorized Agent.

For additional authorized First Name Middle Name Last Name

agents, make a copy of
this section.
Title Relationship to Owner Investment advisor, family, trustee, etc. Last four digits of SSN or Taxpayer ID

Income Source

Check one and Employed: Self-employed:

provide all information.
Occupation Employer Leave blank if self-employed.
Industry regulations
require us to ask for
this information. Note
that if you are self-
employed, occupation Retired Not employed
is still required.

Investment Experience

Check one in each column. Stocks Equity Options Index Options

Less than 1 year Less than 1 year Less than 1 year
1–2 years 1–2 years 1–2 years
3–5 years 3–5 years 3–5 years
More than 5 years More than 5 years More than 5 years

7. Authorized Agent Signature and Date

In this section, “you” and “your” refer to the Authorized Agent. By signing below, you:
• Affirm that you have received, read, • State that you are familiar with and If applying for margin, you:
understand, and agree to be bound by the understand the investment objectives and • Affirm that you have received, read,
Agreement as currently in effect and as may trading plans of the account owner(s) and understood, and agree to be bound by
be amended in the future. The Agreement will only use trading strategies that are the terms and conditions of the Margin
shall inure to the benefit of Fidelity’s consistent with those objectives and plans. Agreement as is currently in effect and as
successors and assigns, whether by merger, • Certify that you have provided Fidelity may be amended in the future. It shall inure
consolidation, or otherwise. with your required personal, financial, to the benefit of Fidelity’s successors and
• Acknowledge that you will not enter and investment information, and that this assigns, whether by merger, consolidation,
any order for options until you have information is complete and truthful. or otherwise. Fidelity may transfer your
read and understood the Options • Certify that all information you provided account to its successors and assigns, and
Disclosure Document. is true, accurate, and complete. this Margin Agreement shall be binding
• Accept all terms and conditions described upon your heirs, executors, administrators,
in this application and in the Agreement. successors, and assigns.

You attest to the accuracy of the information provided and acknowledge that multiple changes to your customer information from any prior
application may adversely impact your application’s consideration.

You acknowledge that this account is governed by a predispute arbitration clause, which appears on the last page of the
Agreement, and that you have read the predispute arbitration clause.

PRINT AUTHORIZED AGENT NAME

AUTHORIZED AGENT SIGNATURE DATE MM DD YYYY

X X
S IGN

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1.9898248.104 Page 6 of 7 004011406

Complete and sign Submit
Be sure to complete the form, collect all signatures, and gather 1. Scan or take a digital photo of the ENTIRE form and any
any necessary supporting documents. necessary supporting documents.
Questions? 2. Visit Fidelity.com/upload to submit your files or photos.
Go to Fidelity.com/options or call 800-343-3548. You will receive a confirmation of your updates.

On this form, “Fidelity” means Fidelity Brokerage Services LLC and its affiliates. Brokerage services are
provided by Fidelity Brokerage Services LLC, member NYSE, SIPC. All trademarks and service marks
indicated are the property of their respective owners. 427178.14.0 (03/24)

1.9898248.104 Page 7 of 7 004011407

Fidelity Brokerage Services CUSTOMER RELATIONSHIP SUMMARY
Effective as of March 28, 2023.
Fidelity Brokerage Services LLC (“FBS”) is a registered broker-dealer with the U.S. Securities and
Exchange Commission. Brokerage and investment advisory services and fees differ, and it is important for
you to understand these differences. Free and simple tools are available to research firms and financial
professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers,
investment advisers, and investing.
What investment services and advice can you provide me?
FBS offers brokerage accounts and services to retail investors, including for personal and retirement investing,
and cash management services (such as bill pay, checkwriting, and margin lending). FBS accounts allow you
to invest in mutual funds, exchange-traded funds (“ETFs”), stocks, bonds, college savings plans and insurance
products, among others. We do not limit our offerings to Fidelity funds, specific asset classes, or funds of
sponsors or investment managers who compensate us. There is no minimum investment to open an account;
there are minimums to purchase some types of investments. FBS works with its affiliated clearing broker,
National Financial Services LLC, along with other affiliates to provide you with these investment services. For
additional information, see Fidelity.com/information.
With an FBS brokerage account, unless we agree otherwise in writing, you are solely responsible for
deciding how you want to invest, placing orders, and monitoring your account. FBS, either by itself or
through an affiliate, can provide you with tools and information to help you make decisions and can provide
you with investment recommendations for certain investments upon request. Investment advisory services
are provided through our affiliated investment advisers, including Fidelity Personal and Workplace Advisors
(“FPWA”) and Fidelity Institutional Wealth Adviser LLC (“FIWA”), typically for a fee, and documents
describing these advisory services can be found at Fidelity.com/information, including the FPWA and FIWA
client relationship summaries.
FBS brokerage accounts are also available to you when you work with a third-party adviser such as a
registered investment adviser, retirement plan administrator, bank or family office (“intermediaries”). If you
open your FBS brokerage account through an intermediary, you or your intermediary will make all decisions
regarding the purchase or sale of investments; FBS will not provide recommendations or monitor your
investment decisions, or your intermediary, for you. Some intermediaries limit the investment products
and services available to you. Please contact us or your intermediary for more information on the available
services and investments, conflicts of interest, and any fees you will pay.

Conversation Starters. Ask your FBS financial professional:

• Given my financial situation, should I choose a brokerage service? Why or why not?
• How will you choose investments to recommend to me?
• What is your relevant experience, including your licenses, education and other qualifications?
What do these qualifications mean?

What fees will I pay?

The fees that you will pay depend on whether you work directly with FBS or through an intermediary. If you
establish a retail relationship directly with FBS, there are no commissions charged on online transactions
for U.S. stocks, ETFs, options, new issue bonds and certificates of deposit (“CDs”). Online transactions
in other securities are charged a commission. Sell orders for equities are charged an activity assessment
fee and options have a per-contract fee. Transactions placed over the telephone or in a branch office are
charged a commission. If you open an investment advisory account with one of our affiliates, your fees
will be identified in the contract and disclosure document provided by that affiliate. If you work with FBS
through an intermediary, please contact your intermediary for details on the fees that you will pay for your
brokerage activities, as online commissions may apply.
There is no transaction fee or sales load (which is a fee charged on your investment at the time you buy
a mutual fund share) for either the purchase or sale of Fidelity’s retail mutual funds. Other mutual funds
either have a transaction fee or no transaction fee, and some of these funds will have sales loads. These
fees can vary depending on how long you hold the fund. Holding funds for less than 60 days can result in
additional trading fees. Mutual funds, ETFs, insurance products, and similar investment products typically
charge their own separate management fees and other expenses in addition to any fees charged by FBS.
When commissions apply, you will be charged more when there are more trades in your account, and FBS
therefore has an incentive to encourage you to trade more often and in larger amounts. FBS will also collect
fees for margin loans based on current interest rates and your average margin loan balance.

1
You will pay fees and costs whether you make or lose money on your investments. Fees and costs
will reduce any amount of money you make on your investments over time. Please make sure you
understand what fees and costs you are paying. Information about brokerage fees and costs for different
account types, products and services is available at Fidelity.com/information.

Conversation Starter. Ask your FBS financial professional:

• 
Help me understand how these fees and costs might affect my investments. If I give you
$10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obligations to me when providing recommendations? How else does your firm
make money and what conflicts of interest do you have?
When FBS provides you with a recommendation, we have to act in your best interest and not put
our interest ahead of yours. At the same time, the way we make money creates some conflicts with
your interests. You should understand and ask us about these conflicts because they can affect the
recommendations we provide to you. Here are some examples to help you understand what this means.
• FBS or its affiliates typically earn more when you invest in a product that we or one of our affiliates
advise, manage, sponsor, or refer you to, such as a Fidelity mutual fund, ETF, or managed account.
This creates an incentive for us to recommend our investment products over those offered by another
company.
• FBS earns more on your investments in some third-party funds and ETFs, including through fees
and other compensation (including sales loads, 12b-1 fees, maintenance fees, start-up fees and
infrastructure support) paid by the fund, its investment adviser or an affiliate to FBS. This creates an
incentive for us to recommend these products over others.
• For investments that we buy from you or sell to you for or from our own accounts (“principal trades”),
we can earn more than when we buy and sell investments for your account in the open market
(“agency trades”). This creates an incentive to execute trades with our own accounts rather than in the
open market.
For further details on these conflicts, see Fidelity.com/information.

Conversation Starter. Ask your FBS financial professional:

• 
How might your conflicts of interest affect me, and how will you address them?

How do your financial professionals make money?

FBS representatives also work for our affiliates, including FPWA or FIWA, for a salary and either an annual
bonus or variable compensation. In some cases, they earn more from some products and services (including
certain investment advisory services) than from others. In such cases, our representatives have an incentive
to recommend that you select a program or product that pays them more compensation than those that
will pay them less. For further details, see Fidelity.com/information.
Do you or your financial professionals have legal or disciplinary history?
Yes. Visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.
Additional Information:
For more information about our brokerage and investment advisory services, or to obtain a copy of
this Form CRS, or the Form CRS for FPWA or FIWA, go to Fidelity.com/information. If you work directly
with FBS, to request up-to-date information, the latest Form CRS or a hard copy of materials that are
hyperlinked above, call 1.800.FIDELITY (1-800-343-3548).

Conversation Starter. Ask your FPWA financial professional:

• Who is my primary contact person? Is he or she a representative of an investment adviser or
broker-dealer? Who can I talk to if I have concerns about how this person is treating me?

Scan for more information

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
© 2023 FMR LLC. All rights reserved.
919925.9.01.9898973.103
2
Fidelity Personal and Workplace Advisors LLC CLIENT RELATIONSHIP SUMMARY
Effective as of March 28, 2023.
Fidelity Personal and Workplace Advisors LLC (“FPWA”) is a registered investment adviser with the U.S.
Securities and Exchange Commission. Investment advisory and brokerage services and fees differ, and it is
important for you, the retail investor, to understand these differences. Free and simple tools are available to
research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about
broker-dealers, investment advisers, and investing.
What investment services and advice can you provide me?
FPWA offers investment advisory services to retail investors that include “wrap fee” advisory programs,
discretionary advisory programs, financial planning, and referrals to third-party investment advisers.
Our wrap fee programs offer investment advice from FPWA and other investment advisers, as well as
securities trades and custody services from our broker-dealer affiliates. In our wrap fee programs and
our discretionary advisory programs, a subadviser we hire (which is typically an FPWA affiliate) will have
discretion to buy and sell mutual funds, exchange-traded products (ETPs), and/or other securities for your
account without your consent to each trade. The subadviser (not FPWA) will monitor your account and
investments periodically based on the flexibility of the program and investment strategy you have selected.
You must meet an account minimum to open and maintain an advisory account in most of our programs.
Current account minimums are described at Fidelity.com/information. (Retail advisory offerings available
through Fidelity Personal and Workplace Advisors.) In some of our programs, you can only invest in Fidelity
mutual funds and ETPs; in other programs, a significant percentage to substantially all of your account will
be invested in Fidelity mutual funds and ETPs, depending on the investment strategy you select.
We provide financial planning to clients enrolled in certain discretionary programs and, for clients at certain
asset levels, on a stand-alone basis. Our financial planning services help you evaluate your ability to meet
identified goals and can also provide suggestions for changes to your asset allocation. Whether and how
to implement any asset allocation or other recommendation provided as part of our financial planning
services is your responsibility and is distinct from our discretionary advisory services. Our financial plans
are not monitored or updated after they are provided to you. In addition, we provide referral services,
which include recommendations to third-party investment advisers to help you with your investment and
financial needs. We do not monitor these third-party investment advisers.
For more information regarding our retail advisory offerings, please see documents under the heading
“Fidelity retail investment advisory services” at Fidelity.com/information. Specifically, you should review
FPWA’s Form ADV Part 2A Brochure. Our affiliated broker-dealer, Fidelity Brokerage Services LLC
(“FBS”), also offers brokerage accounts and services to retail investors, as described in the FBS Form CRS
accompanying this document. Please see Fidelity.com/information.

Conversation Starters. Ask your FPWA financial professional:

• Given my financial situation, should I choose an investment advisory service? Why or why not?
• How will you choose investments to recommend to me? What is your relevant experience,
including your licenses, education, and other qualifications? What do these qualifications mean?

What fees will I pay?

Your fees will depend on the investment advisory program you select. See the respective program
disclosure document for specific fees at Fidelity.com/information. Each wrap fee program charges an
advisory fee, typically based on the amount of assets that you have in the program, which covers the
ongoing management of your account(s), as well as brokerage, clearing, and custody services provided
by FBS and other broker-dealer affiliates and can cover assistance from our representatives and access
to financial planning services. Fees are typically deducted from your account after the end of each
quarter. Wrap program fees include most transaction costs and fees to FBS and are generally higher than
a typical asset-based advisory fee that does not include transaction costs for brokerage services. Our
other discretionary advisory programs also charge asset-based fees or a subscription fee depending on
the program. Typically, the more assets there are in your program account, the more you will pay in fees,
and we have an incentive to encourage you to increase the assets in your account. The following fees
are in addition to the wrap program fees: (1) underlying expenses of mutual funds and ETPs purchased
for your account (though note that we credit certain revenue we receive from your mutual fund and
ETP investments to your program account as explained in your Client Agreement); (2) certain charges
resulting from transactions for your account executed with or through unaffiliated broker-dealers; (3) fees
of investment advisers we refer you to; and (4) some incidental fees and expenses. In some wrap fee
programs we charge an extra fee if your assets are invested in individual securities through a separately
managed account. We charge a fixed fee for our stand-alone financial planning, and we receive a fee from
advisers to whom we refer clients.
1
You will pay fees and costs whether you make or lose money on your investments. Fees and costs
will reduce any amount of money you make on your investments over time. Please make sure you
understand what fees and costs you are paying. For additional information regarding program fees,
please see Fidelity.com/information, specifically, FPWA’s Form ADV Part 2A Brochure.

Conversation Starter: Ask your FPWA financial professional:

• Help me understand how these fees and costs might affect my investments. If I give you $10,000
to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obligations to me when acting as my investment adviser? How else does your
firm make money and what conflicts of interest do you have?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead
of yours. At the same time, the way we make money creates some conflicts with your interests. You should
understand and ask us about these conflicts because they can affect the investment advice we provide you.
Here are some examples to help you understand what this means.
• FPWA or its affiliates typically earn more when you invest in a product that we or one of our affiliates
advise, manage, sponsor, or refer you to, such as a Fidelity mutual fund or ETP. This creates an
incentive for us and our affiliates to recommend and invest your assets in our investment products
over those offered by another company.
• FPWA or its affiliates earn more on your investments in some third-party funds and ETPs, and
therefore have an incentive to recommend and invest your assets in these funds and ETPs
over others.
• Our investment advisory programs charge different fees. This creates an incentive for us or our
affiliates to recommend advisory programs that pay us or our affiliates higher fees over other
programs.

Conversation Starter: Ask your FPWA financial professional:

• How might your conflicts of interest affect me, and how will you address them?

For more details on conflicts, please see Fidelity.com/information.

How do your financial professionals make money?
FPWA representatives also work for our affiliated broker-dealer, FBS, for a salary and either an annual
bonus or variable compensation. They earn more from some advisory programs than from other programs,
or from providing brokerage services through FBS. Our representatives have an incentive to recommend
that you select a program or product that pays them more compensation than those that will pay them less.
For more details on compensation, please see Fidelity.com/information.
Do you or your financial professionals have legal or disciplinary history?
Yes. Visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.

Conversation Starter: Ask your FPWA financial professional:

• As a financial professional, do you have any disciplinary history? For what type of conduct?

For more information about our investment advisory and brokerage services, or to obtain a copy of
this Form CRS, or the Form CRS for FBS, go to . To request up-to-date information, the latest Form
CRS, or a hard copy of materials that are hyperlinked above, call 1.800.FIDELITY (1-800-343-3548).

Conversation Starter: Ask your FPWA financial professional:

• Who is my primary contact person? Is he or she a representative of an investment adviser or
broker-dealer? Who can I talk to if I have concerns about how this person is treating me?

Scan for more information

© 2023 FMR LLC. All rights reserved.

920069.4.01.9898522.103

2
 Questions? Go to Fidelity.com/options or call 800-343-3548.

Options
Agreement
This document describes the features, policies, costs, and risks • Agree to let us verify the information you provide, such as payment
associated with options trading. Please review this document and and employment information, and obtain credit reports and other
keep it for your records. Do not return it to Fidelity. credit-related information about you at any time
• Agree to resolve disputes concerning your relationship with us (other
How to Contact Us: than class actions) through arbitration rather than in a court of law
For matters concerning your account, including questions,
• Agree to notify us in writing any time there is a material change in your
changes, and notifications of errors, reach us:
financial circumstances or investment objectives
By Phone:
• Acknowledge that Fidelity retains the right to refuse to accept an
800-343-3548 instruction for buying, writing, and/or exercising options if doing so
In Writing: would be contrary to applicable laws and rules or would put Fidelity
at undue financial risk
Fidelity Investments
PO Box 770001 Options Transaction Policies
Cincinnati, OH 45277-0045 The following policies are intended to protect you, your account, and
Fidelity from potential negative impacts that may result from utilizing
options strategies in your account. For example, the minimum
Who’s Who in This Agreement equity/position requirement discussed below is intended to help ensure
In this document, “Fidelity,” “us,” and “we” includes Fidelity that an adequate amount of cash or securities remains in the account to
Brokerage Services LLC (FBS) and National Financial Services cover possible costs or liabilities that may result from options strategies
LLC (NFS), as well as their employees, agents, and representatives, that you choose to utilize.
as the context may require. “You” and “account owner” refer to the Minimum Equity/Position Requirement
registered owner(s) of the account or to any new account applicant; For each account approved for options trading, we will determine a
for any account with more than one owner or authorized person minimum level of equities and/or other positions that the investor must
(such as a joint or trust account), “you” and “account owner” or maintain in the account. We may change this amount at any time, at our
“account owners” refer to all owners, collectively and individually. discretion and without advance notice. You may contact a Fidelity rep-
resentative for information on the applicable limit for your account. It is
your responsibility to ensure that your required minimum has been met
before writing any option. You authorize us to not generally allow with-
Commitments by Fidelity and You drawals of cash or securities that would reduce either your equity or
position balance to below your required minimum, and to refuse orders
Fidelity’s Commitments to You to sell securities that are being held in connection with your required
Under this agreement, Fidelity has certain rights and responsibilities. minimum. You agree not to hold us liable for any loss that you may sus-
When we accept your options application, we are agreeing to accept tain as a result of the enforcement of this policy on required minimums.
instructions on your account for buying, writing, and exercising various
options strategies, in accordance with the terms described in this agree- Exercise and Assignment of Options
ment and consistent with your commitments to Fidelity. We reserve the As the account owner, it is your responsibility to exercise, in a proper
right to limit your ability to enter into opening options transactions. and timely manner, any right, privilege, or obligation of any put, call, or
other option that we may purchase, handle, endorse, or carry for your
Your Commitments to Fidelity account(s).
By signing the options application, you: However, in the absence of any instructions from you, you authorize us
• Acknowledge that you have received this agreement that you accept to exercise any in-the-money options that remain in your account on
the terms of this agreement, and that you will not enter any order for their expiration day, so long as they are in-the-money by $0.01 or greater
options until you have read and understood both the agreement and or in accordance with Fidelity’s policies then in effect, as applicable. If
the Characteristics and Risks of Standardized Options, and supple- you do not want us to exercise any expiring options, you must notify us
ments thereto, by The Options Clearing Corporation [the “Options by 4:20 p.m. Eastern time on the expiration date by calling Fidelity at
Disclosure Document(s)”] 800-343-3548. If we do not receive your instructions by this time, you
agree to waive any and all claims for damage or loss that you might have
• Specifically affirm that you understand the risks of options as described against us, at that time or later, arising out of the fact that we did not
in this agreement and the Options Disclosure Document(s), and that receive your orders to exercise or not exercise in time.
in full knowledge of these risks you have determined that options trad-
ing is appropriate for you, based on your own careful examination of If sufficient assets and/or other positions are not available to cover the
your financial resources, investment objectives, and risk tolerance exercise or assignment of an option, you authorize Fidelity to take the
following actions while charging the Rep-Assisted commission rate:
• Acknowledge, and agree to be bound by, the rules of the Financial
Industry Regulatory Authority (FINRA), the New York Stock Exchange, • place an order to close option positions
Inc. (NYSE), and The Options Clearing Corporation that apply to • place an order to minimize market risk (for example, if it would result
options contracts in a short position or cash debit in an account not enabled for margin,
• Agree that you, whether alone or in concert with others, will not violate result in an equity level that is below the aforementioned minimum, or
the position or exercise limits of the options exchanges as set forth in if there are no shares available for a short sale)
the Options Disclosure Document(s) • instruct the OCC not to exercise valuable options on or prior to the
• Agree not to hold Fidelity liable in connection with the execution, last trading day
handling, selling, purchasing, or endorsing of options for your account If an option is exercised or assigned, you authorize us to close out the
• Agree to let us monitor and/or record any phone conversations with you unsupported equities positions that result from the exercise. You agree to
waive and to release us and our officers, employees and agents from any
• Agree to let us create a digital representation of your voice, a “voiceprint,” and all claims of damage or loss, then or at a later time sustained, as a
that may be used for verifying your identity when you contact Fidelity result of the exercise or nonexercise of an option contract(s).

1.734349.120 Page 1 of 6
If an option assignment results in a short position of a security in your in options in your Fidelity IRA is solely your decision and that Fidelity has
account, you understand that you may be charged short interest fees to not directly or indirectly solicited you or recommended that you trade in
maintain that position in your account. In addition, securities that initially options or that you develop or implement Options Spreads. You agree that
are not hard to borrow and have a fee associated with them may subse- Fidelity has not and will not recommend any options trades, including puts
quently become unavailable or hard to borrow, in which case you agree or calls or other options trades or Options Spreads, in your Fidelity IRA.
to be responsible for payment of any and all related fees, including daily While Fidelity will implement Options Spreads instructions it receives from
short interest fees. When an option is exercised, you will be charged the full you, you understand and agree that Fidelity is not responsible for deter-
aggregate exercise price for any underlying security. mining the appropriateness or suitability of any options you purchase or
sell in your Fidelity IRA. You are advised to consult a tax advisor before
Purchasing Expiring Options engaging in any option transactions in our Fidelity IRA.
On the expiration date of an equity option, Fidelity may (i) restrict your
ability to place new opening transactions and (ii) cancel any unexecuted Fidelity IRA Limitations and Representations
opening transactions. The timing of these action​s may vary. You acknowledge and agree to the following terms, conditions,
and representations:
Allocation of Exercise and Assignment Notices
• Fidelity’s approval of your Fidelity IRA for option trading, including
In allocating exercise notices, we use the random selection method, mean-
spreads, does not mean that Fidelity has endorsed, solicited, recom-
ing that the options to be exercised are selected at random from all short
mended, or approved of any option transaction in your Fidelity IRA.
option positions that are open at the time (including those established that
day). Equity trades that result from an option exercise or assignment are • Margin borrowing will not be made available in your Fidelity IRA because
allocated to net your position(s) in order to minimize short against the box of applicable regulatory limitations.
scenarios, unless you instruct us otherwise prior to settlement. All short • You are solely responsible for ensuring that sufficient assets are main-
option positions may be assigned at any time. A detailed description of tained in your Fidelity IRA to cover all potential obligations arising from
this method is available upon written request. option transactions or options strategies, including Option Spreads,
Protective Steps You Authorize Us to Take allowed in your Fidelity IRA.
You authorize us to hold any securities and funds in any of your Fidelity • It is your responsibility not to enter into any option transactions or strate-
accounts and use them as security for the performance of your obligations gies, including Option Spreads, that can result in you owing in excess of
to us under this agreement with respect to any open options position. your Fidelity IRA balance.
If you have margin on your account, and you do not meet our margin calls • An obligation in your Fidelity IRA in excess of your applicable Fidelity IRA
promptly, we may, in our sole discretion and without notifying you, take account balance can result in a taxable distribution of the IRA assets and
any and all steps necessary to protect ourselves in connection with options the imposition of excise taxes.
transactions made for your account. This may include such steps as buy- • You agree to maintain a sufficient cash balance in your Fidelity IRA to
ing or selling short any or all shares represented by options in your account, satisfy all obligations that may arise from option transactions or Options
or buying, selling, exercising, or blocking the exercise of any put or call Spreads and during the time that such options are held or Options
options. In such a case, you will be required to reimburse us for any Spreads are conducted in your Fidelity IRA. You further understand and
losses and expenses that we incur, including attorneys’ fees. acknowledge that amounts available for purchases within your Fidelity
If you become insolvent or die, or if your property is attached by others, IRA may be limited due to amounts needed to satisfy options or Options
we may take whatever steps we consider necessary or appropriate to Spreads obligations.
protect our interests against loss. • Fidelity shall not be responsible for the dishonor of any transaction due
All obligations and liabilities arising under this account are joint and to an insufficient balance in your Fidelity IRA.
several, and we may enforce them against any or all account holders. • To the extent that options transactions or Options Spreads create a
Although Fidelity may use other methods when it determines they may short or debit position in your Fidelity IRA core account, such short or
be more appropriate, Fidelity reserves the right to use the provisions debit position will immediately be covered with other assets from your
described in this section at any time, except in cases involving retire- Fidelity IRA.
ment accounts when these provisions would conflict with the Employee • You assume full responsibility for reviewing the terms of any investment
Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue in your Fidelity IRA and hereby represent that maintaining options trans-
Code of 1986 (IRC), both as amended. actions, including Options Spreads, in your Fidelity IRA does not and
will not violate the terms and conditions of the applicable Fidelity IRA
Options Transaction Policies for Fidelity Custodial Agreement and Disclosure Statement.
Individual Retirement Accounts • Transactions in my Fidelity IRA do not and will not constitute a prohibited
transaction as defined under ERISA, the IRC and related regulations,
A Fidelity IRA, a Fidelity IRA Rollover, a Fidelity SEP-IRA, a Fidelity Roth interpretations, and guidance, and are otherwise in compliance with all
IRA, or a SIMPLE IRA (Fidelity IRA) are eligible for writing covered calls, applicable laws, rules, and regulations.
buying calls/puts, and buying long straddles/strangles/combinations with • You have been advised to consult your tax advisor regarding the
respect to index and equity options. Put and call options strategies that advisability of holding options or conducting Options Spreads in your
are generally known as options spreads (Options Spreads) may be per- Fidelity IRA.
mitted in a Fidelity IRA account provided certain conditions are met.
• If Fidelity provides research or other information relating to options,
The following options policies, which are designated by Fidelity as a form including Options Spreads, you understand and agree that any such
of margin agreement for your Fidelity IRA, provide you with important research or other information is provided solely as an incident to the
terms and conditions for buying, writing, and exercising various options provision of brokerage services by Fidelity and is not intended to serve as
strategies, including Options Spreads, in your Fidelity IRA. a primary basis for your investment decisions relating to your Fidelity IRA.
Restrictions Any such research or information will not serve as a primary basis for your
• Spread positions in Fidelity IRAs require a minimum of $2,000 to be set decision to engage in options trading, including Options Spreads, in your
aside in an interest-bearing account referred to in your balances as “Cash Fidelity IRA.
Spread Reserve.” Additional Representations
• You must meet the initial and maintenance requirements for your options You represent and warrant the following: (1) you have determined that it
positions, including Options Spreads, at all times or your positions may is suitable for you to trade options and conduct Options Spreads in your
be closed by Fidelity without notice. This may include closing out a leg of Fidelity IRA; (2) you will not engage in any transaction including Options
a spread if the other leg has been exercised or an assignment occurs. Spreads in your Fidelity IRA that would result in any hypothecation or
extension of credit by Fidelity or its affiliates; and (3) you have not relied
Suitability on Fidelity or any of its affiliates for any investment research, advice
You acknowledge that investing in options can be very risky and that you (including, but not limited to, investment, business, legal, or tax advice), or
have read the “Important Information about Options Trading and Its Risks” information in connection with options trading or strategies pertaining to
section in this agreement. You acknowledge that your decision to trade your Fidelity IRA.

1.734349.120 Page 2 of 6
Important Information about Options Trading and Its Risks
Before you make use of options in any way, it’s essential to fully Additional Risks of Uncovered Options
understand the risks involved, and to be certain that you are Writing uncovered options is suitable only for the investor who
prepared to accept them. The bullets below outline general risks as understands the risks, has the financial capacity and willingness to
well as the special risks associated with writing uncovered options. incur potentially substantial losses, and has sufficient liquid assets to
meet applicable margin requirements.
General Risks • Any time you write an uncovered option, you expose yourself
• Options are complex and risky, and are not suitable for many to significant financial losses. If the value of the underlying
investors. This applies to both the purchase and the writing of instrument(s) moves against you, your losses could be many times
options. Unless you clearly understand the rights and obligations greater than the cost of the option itself. If an underlying instrument
that an options transaction creates for you — and the inherent risks is affected by rapid price volatility or high trading volume, you may be
involved, especially during extreme market volatility or trading unable to close out your position and you may be forced to endure
volumes — you should avoid options. significantly greater losses than otherwise.
• When buying an option, or when writing a covered call option, • With certain uncovered options, your potential losses are
you can lose 100% of your investment. This includes both the unlimited. These include writing an uncovered call and
premium you paid and your transaction costs. A covered call combination writing (writing both a put and a call on the same
option is one for which you own the underlying security (or another underlying instrument). The risk of writing an uncovered put option
security convertible, exchangeable, or exercisable into that security). is not theoretically unlimited, but in practice the losses can be as
As noted below, with uncovered options, you can lose more than substantial as with writing an uncovered call.
100% of your investment. • Writing uncovered options may trigger a margin call. If the value
• Many factors affect the price of an options contract. Pricing can be of an underlying instrument moves against your uncovered options
influenced by such factors as the relationship between the exercise position, your broker may demand significant additional margin
price and the market price of the underlying security, the expiration payments. If you’re not able to make these payments, your broker
date of the option, and the price fluctuations or other characteristics may sell securities in your accounts, liquidate options positions, or
of the underlying stock. take other measures as described in your margin agreement.
• Market conditions or temporary restrictions of trading or • American-style options work differently from European-style
exercising may interfere with your trading plans. If the secondary options. The writer of an American-style option is subject to
market for a given option were to become unavailable — temporarily being assigned an exercise at any time after he or she has written
or permanently — investors could not engage in closing the option until the option expires. By contrast, the writer of a
transactions, and an option writer would remain obligated until European-style option is subject to exercise assignment only
expiration or assignment. during the exercise period.
In addition, an options exchange or any regulatory body with The information here is only a summary of the risks associated
jurisdiction may restrict transactions in particular options, or the with options. As required by this agreement, be sure to read
exercise of options contracts, from time to time and based solely on “Characteristics and Risks of Standardized Options,” in particular the
their own discretion. chapter called “Risks of Buying and Writing Options.”
• Index options have special characteristics and risks. Index option If you have any questions or concerns about options, please
exercises are settled with cash, not securities. In addition, because contact Fidelity.
the exercise price of an index option is always based on the
closing index value, an index option that is in the money during
trading hours may be out of the money when the closing value is
calculated — a risk to consider whenever you place an exercise
order before the closing value is known.

Important Information about Margin Trading and Its Risks

About Margin Trading and Its Risks Fidelity can set stricter margin requirements than the industry
minimum, and can increase these “house” requirements in its
Trading on margin lets you borrow money from NFS, an affiliate
sole discretion without advance notice. An increase may take
of FBS, using securities you already own as collateral to purchase
effect immediately and may trigger a maintenance margin call
additional securities, sell securities short, protect your account from
without prior notice.
overdraft, or access a convenient line of credit. A margin account
is designed primarily to finance additional purchases of securities, If you cannot meet a margin call, Fidelity can force the sale
although it can also provide overdraft protection for your cash of assets in your account(s). If the equity in your account falls
management activities. Before you make use of margin in any below either industry minimums or Fidelity’s house requirements,
way, it’s essential to fully understand the risks involved. Margin Fidelity can cover the deficiency by selling securities or other assets
can involve significant costs and risks and is not appropriate in any account of yours at Fidelity (including accounts at other
for all investors. Account owners must determine whether margin Fidelity affiliates) without prior notice, and you will be charged the
is consistent with their investment objectives, income, assets, Rep-Assisted commission rate on each trade. If these assets are
experience, and risk tolerance; and no investment or use of margin insufficient, you will be responsible for making up any shortfall, and
is guaranteed to achieve any particular objective. Risks of margin potentially for paying Fidelity’s costs for collecting the shortfall as well.
trading include:
Fidelity can sell assets in your account without contacting you.
You can lose more money than you deposited in your margin While Fidelity generally attempts to notify customers of margin calls,
account. If securities you bought on margin go down in price, you it is not required to do so. Even if you are notified, Fidelity can still
may face a “margin call,” meaning you have to deposit more money sell assets before the time indicated in the notice, if it believes such
or marginable securities. action is warranted. You understand that if we contact you in advance
in certain instances, we are not obligated to do so and such action
will not be deemed a waiver of our rights under this agreement.

1.734349.120 Page 3 of 6
Important Information about Margin Trading and Its Risks continued
You are not entitled to choose which securities are sold to meet How and when we can take these steps:
a margin call. Because your accounts form Fidelity’s collateral for its • at any time, during regular market hours or otherwise
loan to you, the choice of what to sell is Fidelity’s.
• with or without notifying you that a call is due and even if you have
You are not entitled to a time extension on a margin call. While notified Fidelity that you will be providing additional collateral for
Fidelity may grant you an extension, it is not required to do so. your Account
Granting an extension on a margin call does not waive Fidelity’s right • for any cause, including but not limited to:
to decline to grant an extension in the future.
– if the value of your account equity falls
Short selling is a margin account transaction and entails the
– if you fail to meet — or indicate that you intend to fail to meet — any
same risks as described above. Fidelity can use your account to
call for additional collateral
buy securities to cover a short position without contacting you. If you
don’t have sufficient assets, you are responsible for the shortfall and – high market volatility
collection costs. – an account owner’s death or petition for bankruptcy
Fidelity can loan out (to itself or others) the securities that – an attachment or court order
collateralize your margin borrowing. If it does, you may not be – any other situation which Fidelity, in its sole discretion, believes is
entitled to receive, with respect to securities that are lent, certain warranted to prevent the account from going deficit
benefits that normally accrue to a securities owner, such as the
ability to exercise voting rights, or to receive interest, dividends,
or other distributions. You may receive cash substitute payments Margin Account Features
from Fidelity in lieu of the exact form of interest, dividends, or other • The following account types are NOT eligible for margin:
distributions paid on the securities. Such substitute payments may – 529 College Savings Plans
not receive the same tax treatment as actual interest, dividends, – Health Savings Accounts
or other distributions, and you may therefore incur additional tax
liability for substitute payments. Fidelity may, in its sole discretion, – Custodial accounts (UGMA/UTMA)
allocate substitute payments by lottery or in any other manner – Estate accounts
permitted by law, rule, or regulation. – Fiduciary accounts (guardian and conservator)
Please note that any substitute payments Fidelity makes are – Fidelity IRAs including 401(k) plans and Keoghs
voluntary, and may be discontinued at any time.
– Cash Management Accounts (CMA)
We may sell your securities or other assets without contacting
– Investment Club Accounts
you. Some investors mistakenly believe that Fidelity must contact
them for a margin call to be valid, and that Fidelity cannot liquidate – Mutual Fund Accounts
securities or other assets in their accounts unless Fidelity has – Portfolio Advisory Services (PAS) Accounts
contacted them first. This is not the case. Fidelity may attempt to
notify you of margin calls, but is not required to do so. In addition, • IRAs may have supplemental limited margin and/or options spread
even if Fidelity has contacted you and provided a specific date trading added.
by which you can meet a margin call, Fidelity can still take the • For accounts with identical registrations, only one of the accounts
necessary steps to protect its financial interest prior to that date, with the same registration is eligible for margin.
including immediately selling the securities without notice to you. If
• Margin will not be granted if we determine that you reside outside of
your application for margin is approved, you agree and acknowledge
the United States.
that if Fidelity contacts you in advance in certain instances, Fidelity is
not obligated to do so and such action will not be deemed a waiver • With joint registration accounts, any obligations or liabilities resulting
of Fidelity’s rights under this agreement. from one account owner’s actions are joint and several (i.e., are the
responsibility of each account owner, both individually and jointly).
In addition to market volatility, factors specific to your portfolio, We may enforce this agreement and the Customer Agreement
such as concentration, liquidity, and marketability of securities, relevant to your account against all account owners or against any
may increase the risk of a margin call. Use of features such as owner individually. Each owner of a joint account may act as if he or
checkwriting, bank cards, and bill payment services may also she were the sole owner of the account, with no further notice or
increase the risk of a margin call. In the absence of (i) an Intra- approval necessary from any joint owner. For example, one owner
day Free Credit Balance (during normal hours when the market is may buy and sell securities, withdraw assets, transfer assets into or out
open [“Intra-day”], any new deposit to your Account or settlement of the account, borrow against the account through margin, arrange
proceeds from a transaction in your Account are held as a free credit for account statements to be sent only to him or her, view all available
balance [the “Intra-day Free Credit Balance”]), (ii) money in the core historical account documents or change the account’s features and
account, (iii) shares of certain Fidelity money market funds held as services (although no account owner may remove another’s name
positions outside the core account, or (iv) cash dividends paid on from the account).
marginable securities, any debits that are posted to your account will
drive up your margin balance. • Debits to resolve securities transactions (including margin calls) or the
payment of account fees will be given priority over other debits, such
You may pay for securities you buy in your account in full, or you as checks or debit card transactions.
may borrow part of the purchase price from us, using a margin • If certain of the sources are not enough to satisfy a given debit, we
account. When you borrow on margin, the securities in your account reserve the right to take action as we see fit, including if you have a
become our collateral for the loan to you. A decline in the value of margin account and the unsatisfied debit is for a securities purchase,
these securities is therefore a decline in the value of the collateral. drawing on the available balance of another account of yours at
We can respond by taking any of the following steps at any time Fidelity. If you have a margin account, we may transfer to that account
without prior notice, and you will be charged the Rep-Assisted any unresolved debit from other accounts of yours.
commission rate on each trade:
• We may also use property to satisfy a margin deficiency or other
• sell assets, or contracts relating to these, that are in your account obligation, whether or not we have made advances in connection
• buy assets, or contracts relating to these, of which your account or with this property. This provision extends to any property held by you
accounts may be short, in order to close out in whole or in part any or carried for any account of yours, including any credit balances,
commitment on your behalf assets, and contracts, as well as shares of any mutual funds or other
• place stop orders with respect to these securities investment companies for which Fidelity or an affiliate provides

1.734349.120 Page 4 of 6
 Important Information about Margin Trading and Its Risks continued
management or administrative services. Although Fidelity may use interest, dividends, or other distributions, and you may instead receive
other methods when it determines they may be more appropriate, (and you agree that we may provide) such benefits in a different form,
Fidelity reserves the right to use the provisions described in this such as a cash substitute payment. Such substitute payments may not
section at any time, except in cases involving retirement accounts receive the same tax treatment as actual interest, dividends, or other
when these provisions would conflict with the Employee Retirement distributions, and you may therefore incur additional tax liability. Also,
Income Security Act of 1974 (ERISA) or the Internal Revenue Code of we may at any time, and without notice to you, transfer any property
1986, both as amended. between any of your accounts, whether individual or joint, or from any
• Retirement accounts and Fidelity BrokerageLink® accounts cannot of your accounts to any account you guarantee. As permitted by law,
trade foreign securities or sell short, are not eligible for margin loans, we may use certain securities for, among other things, settling short
and may be subject to other rules and policies. Please see the sales and lending securities for short sales and as a result may receive
literature for these accounts for details. compensation in connection therewith.
• Your account statements will show all activity in your account • that all marginable assets will be held in a margin account, unless you
for the stated period, including securities transactions, cash and tell us to the contrary (precious metals are not marginable). The Intra-
margin balances, credits and debits, and all fees paid directly from day Free Credit Balance, money in the core account, and any cash
your account. dividends paid on marginable securities, are automatically applied to
your margin debt every month, unless you tell us otherwise.
• You have the right to withdraw excess margin securities, provided
your account is not subject to restriction under the Federal • When you borrow on margin, you agree to maintain the level of
Reserve’s Regulation T or such withdrawal will not cause an margin collateral we require (which we may change in our sole
undermargined condition. discretion at any time without prior notice).
• In addition to reinvestment of mutual fund dividends, reinvestment of • to let us verify the information you provide and obtain credit reports
dividends from eligible equities and closed-end funds is an option for and other credit-related information about you at any time, such as
most Fidelity accounts, including those with margin. You can choose payment and employment information (whether for margin or any
to have the service apply to all eligible securities in your account, or other purpose), and to permit any third-party financial service provider
only to certain ones. You can request this feature on your account to do likewise.
application (for all securities) or subsequently by phone or in writing • to authorize Fidelity to lend property of yours that has been pledged
(for all securities or for individual ones). as collateral, and to comply with all provisions of this agreement
concerning margin, including determining that margin borrowing is
FBS is responsible for: appropriate for you, based on your own careful examination of your
• Operating and supervising your account and its own activities financial resources, investment objectives, and risk tolerance.
in compliance with applicable laws and regulations, including • to refer to the Customer Agreement for more on Fidelity’s brokerage
compliance with federal, industry and NFS margin rules pertaining to fee schedules, fees for various features and services, and margin
your margin account and for advising you of margin requirements borrowing charges. Note that foreign jurisdictions may impose
• Extending margin credit for purchasing or carrying securities additional fees, taxes, or other charges from time to time, which may
on margin. not be reflected in the fee schedule in effect at that time. By placing a
trade in a foreign security, you agree to pay any such applicable fees,
By applying for margin trading, you agree: taxes, or other charges, regardless of notice.
• that you are responsible for any losses in your account that may • that the credit balance in the short account will be decreased or
arise as a result of any action outlined above. Note that property in a increased in accordance with the corresponding market values of all
margin account may be pledged or repledged, hypothecated (loaned) short positions. Corresponding debits or credits will be posted to the
or rehypothecated, either separately or in common with any other margin account. These entries in the margin account will, of course,
property, for as much as your obligation to us or more, without our affect the balance on which interest is computed. Credits in your short
having to retain a like amount of similar property in our control for account, other than marking to market, will not be used to offset your
delivery. Because we have the right to pledge or repledge, hypothecate margin account balance for interest computation.
or rehypothecate, property in a margin account, you may not be entitled
to receive certain benefits that may normally accrue with respect to If you have any questions or concerns about your margin account or
such property, such as the ability to exercise voting rights, or to receive margin generally, please contact Fidelity.

Limits to Our Responsibility • Uncontrollable circumstances in the world at large, such as wars, earth-
quakes, power outages, or unusual weather conditions
Although we strive to ensure the quality and reliability of our services, • Occurrences related to computers and communications, such as a
including electronic services (such as online, wireless, and automated network or systems failure, a message interception, or an instance of
telephone services), neither we nor any third party whose services we unauthorized access or breach of security
arrange for are responsible for the availability, accuracy, timeliness, com-
pleteness, or security of any service related to your account. • With respect to electronically provided market data or other informa-
tion provided by third parties, any flaw in the timing, transmission,
You therefore agree that we are not responsible for any losses you incur receipt, or substance (such as any inaccuracy, error, delay, omission, or
(meaning claims, damages, actions, demands, investment losses, or other sequence error, any nonperformance, or any interruption of informa-
losses, as well as any costs, charges, attorneys’ fees, or other fees and tion), regardless of who or what has caused it to occur
expenses) as a result of any of the following:
• The storage and use of information about you and your account(s) by
• The acceptance and processing of any order placed on your account, our systems and transmission of this information between you and us;
whether received electronically or through other means, as long as the these activities occur entirely at your risk
order reasonably appears to be authentic
• The usage of information received by you or us through any
• Cancellation of an accepted/executed trade in which Fidelity reason- electronic services
ably determines, in its sole discretion, that there was a data, clerical, or
other similar error in the handling or processing of the trade, including • Difficulties receiving information or accessing your account that are
but not limited to situations where a third party caused such error due to the equipment you use, including difficulties resulting from
technical incompatibilities, malfunctions, inherent limitations, or
• Investment decisions or instructions placed on your account, or other interruptions in service
such actions attributable to you or any authorized person
• Occurrences related to governments or markets, such as restrictions,
suspensions of trading, or high market volatility or trading volumes

1.734349.120 Page 5 of 6
Indemnification ten approval of Fidelity, or through inheritance, corporate dissolution,
or similar circumstance, as allowed by law, in which case any rights and
You agree to indemnify us from, and hold us harmless for, any losses obligations in existence at the time will accrue to, and be binding on,
(as defined in “Limits to Our Responsibility”) resulting from your actions your heirs, executors, administrators, successors, or assigns.
or failures to act, whether intentional or not, including losses resulting We may enforce this agreement against any and all account owners.
from actions taken by third parties. If you use any third-party services or Although we may not always enforce certain provisions of this agree-
devices in connection with your account (such as Internet service or wire- ment, we retain our full right to do so at any time.
less devices), all service agreements and payments for these are your
responsibility. Rates and terms are set by the service providers and are If any provision of this agreement is found to be in conflict with applica-
not Fidelity’s responsibility. Note that beyond taking reasonable steps to ble laws, rules, or regulations, either current or future, that provision will
verify the authenticity of instructions, we have no obligation to inquire be enforced to the maximum extent allowable, or made to conform, as
into the purpose, wisdom, or propriety of any instruction we receive. the case may be. However, the remainder of this agreement will remain
fully in effect.
Terms Concerning This Agreement Disclosures
If you have a margin agreement with Fidelity, it is incorporated into this
one by reference (legally considered part of this document). In the case Receipt of Communications
of any conflict between the two agreements, this one will prevail. Note that so long as we send communications to you at the physical
This agreement and its enforcement are governed by the laws of the or electronic address of record given on the application, or to any other
Commonwealth of Massachusetts, except with respect to its conflicts- address given to us by an authorized person, the communications are
of-law provisions. legally presumed to have been delivered, whether you actually receive
them or not. In addition, confirmations and statements are legally
All options transactions and exercises are subject to the rules and presumed to be accurate unless you specifically tell us otherwise.
customs of The Options Clearing Corporation and of the marketplace
where they are executed, as well as to applicable state and federal laws.
Personal Information
We may amend or terminate this agreement at any time. This may include
For the name and address of any credit reporting agency from which
changing, dropping, or adding fees and policies, changing features and
we or a card issuer has obtained information about you, send a written
services or the entities that provide them, and limiting the usage or avail-
request to us or the card issuer, as applicable.
ability of any feature or service, within the limits of applicable laws and
regulations. Although it is our policy to send notice to account owners
of any material changes, we are not obligated to do so in most cases. Service Providers
Outside of changes originating in these ways, no provision of this agree- Brokerage account and margin credit services are provided by NFS, an
ment can be amended or waived except in writing by an authorized affiliate of FBS. Services available through this account are the property
representative of Fidelity. of Fidelity or the third parties from which Fidelity has obtained rights.
Fidelity may transfer its interests in this account or agreement to any of
its successors and assigns, whether by merger, consolidation, or other- Routing of Orders
wise. You may not transfer your interests in your account or agreement Some options are traded in more than one marketplace. Absent any
(including de facto transferral by giving a non-owner access to the account specific instructions from you, we may choose the market in which your
using a personal identification number [PIN]), except with the prior writ- transactions in these options are executed.

Resolving Disputes — Arbitration

arising before, on or after the date this account is opened) shall
This agreement contains a predispute arbitration clause. Under this be determined by arbitration in accordance with the rules then
clause, which you agree to when you sign your account application, prevailing of the Financial Industry Regulatory Authority (FINRA) or
you and Fidelity agree as follows: any United States securities self-regulatory organization or United
A. All parties to this agreement are giving up the right to sue each States securities exchange of which the person, entity or entities
other in court, including the right to a trial by jury, except as pro- against whom the claim is made is a member, as you may designate.
vided by the rules of the arbitration forum in which a claim is filed. If you commence arbitration through a United States self-regulatory
B. Arbitration awards are generally final and binding; a party’s ability to organization or United States securities exchange and the rules of that
have a court reverse or modify an arbitration award is very limited. organization or exchange fail to be applied for any reason, then you
shall commence arbitration with any other United States securities
C. The ability of the parties to obtain documents, witness statements, self-regulatory organization or United States securities exchange of
and other discovery is generally more limited in arbitration than in which the person, entity or entities against whom the claim is made
court proceedings. is a member. If you do not notify us in writing of your designation
D. The arbitrators do not have to explain the reason(s) for their award within five (5) days after such failure or after you receive from us a
unless, in an eligible case, a joint request for an explained decision written demand for arbitration, then you authorize us to make such
has been submitted by all parties to the panel at least 20 days prior designation on your behalf. The commencement of arbitration through
to the first scheduled hearing date. a particular self-regulatory organization or securities exchange is not
E. The panel of arbitrators may include a minority of arbitrators who were integral to the underlying agreement to arbitrate. You understand that
or are affiliated with the securities industry. judgment upon any arbitration award may be entered in any court of
competent jurisdiction.
F. The rules of some arbitration forums may impose time limits for bring-
ing a claim in arbitration. In some cases, a claim that is ineligible for No person shall bring a putative or certified class action to arbitra-
arbitration may be brought in court. tion, nor seek to enforce any predispute arbitration agreement
against any person who has initiated in court a putative class action;
G. The rules of the arbitration forum in which the claim is filed, and any or who is a member of a putative class action who has not opted out
amendments thereto, shall be incorporated into this agreement. of the class with respect to any claims encompassed by the puta-
All controversies that may arise between you and us concerning tive class action until: (i) the class certification is denied; or (ii) the
any subject matter, issue or circumstance whatsoever (including, class is decertified; or (iii) the customer is excluded from the class by
but not limited to, controversies concerning any account, order, the court. Such forbearance to enforce an agreement to arbitrate shall
distribution, rollover, advice interaction or transaction, or the not constitute a waiver of any rights under this agreement except to
continuation, performance, interpretation or breach of this or any the extent stated herein.
other agreement between you and us, whether entered into or

On this form, “Fidelity” means Fidelity Brokerage Services LLC and its affiliates. Brokerage services are provided by Fidelity Brokerage Services LLC,
Member NYSE, SIPC. 439614.13.0 (04/24)

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